When Zclassic (ZCL) forked out of the Zcash, it was all joy and jubilation to miners. This is because the miners were given complete authority over the mined coins with all the coins going into their wallets rather than having to give out 20% of the coins to the founders as with Zcash.
Unfortunately, it seems the miners concentrated too much on generating new coins for themselves and the developers forgot about making the blockchain network more attracting to investors. At the current moment, the Zclassic has more circulating coins than the Zcash, which was the first in the market. The circulating coin supply of Zclassic is 3,576,450 ZCL while that of Zcash is 3,538,769 ZEC.
Apart from the much circulating coins, the market cap of the Zclassic (ZCL) crypto coin is quite low due to its dwindling price. At the moment, the market cap of the Zclassic coin stands at $19,173,742 USD which is an equivalent of 2,281 BTC. Comparing this to the market cap of Zcash, which is $832,364,414 USD or an equivalent of 98,935 BTC, there is a very huge gap between the two.
The value of Zclassic has been on a constant decline since mid-February. Between December 2017 and 18th February, the crypto coin registered one of its largest price hikes hitting $235 and above. At this time investors had started salivating about the coin with most contemplating investing with the coin and even with some already investing.
Unfortunately for the investors/traders, after the crypto coin hit $235, the prices immediately came crumbling down. Within a period of one month, the value of Zclassic has depreciated by more than 97%. The value of the coin is now headed to zero and there are fears that the coin may soon be ‘valueless’. We don’t know whether the developers will be able to stay on their toes to ensure that they rescue this crypto coin from collapsing completely.
What are the causes of the decline in price of Zclassic (ZCL)?
Zclassic has put a lot of emphasis on mining forgetting about having a supper network to attract investors or even partnerships. They are forgetting that even after mining, the generated coins have to have something to do. They cannot just be mined and stored into the miners’ wallets. They will automatically become worthless if they only get stored without being used.
But once the development team gets more work for the cryptocurrency, ZClassic (ZCL) will be able to get out of the current mess. They should widen the scope of its usability so as to attract investors.